Date: 17 September 2015

Tokio Marine & Nichido Fire Insurance Co., Ltd. (New Zealand Branch)

Notice of Rating Downgrade

Pursuant to Section 69 of the Insurance (Prudential Supervision) Act 2011

 

On 17 September 2015, Standard & Poor’s lowered its insurer financial strength rating on Tokio Marine & Nichido Fire Insurance Co., Ltd (New Zealand Branch) to “A+” from “AA-“.

The downgrade follows similar action on its parent, Tokio Marine & Nichido Fire Insurance Co., Limited (“Tokio Marine”), after Standard & Poor’s announced it had lowered the sovereign rating on Japan to “A+” with a stable CreditWatch.

An insurer rated “A+” has STRONG CAPACITY to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than insurers in higher-rated categories.